Insights from the
Supercharging Corporate Impact The private sector accounts for about 85% of the Canadian GDP.1 Solving our most pressing societal issues cannot be relegated to nonprofits and government alone. While corporate philanthropy in Canada makes up approximately $3 billion2, consumers and society as a whole increasingly expect more from corporations than what traditional corporate social responsibility (CSR) efforts have delivered. Based on the discussions from this year’s LEAP Impact Gathering, this summary explores how private sector organizations can create and drive sustainable social impact.
Companies that are already responding to the changing environment have begun to move towards a strategic 1 foundation to create lasting social impact that also drives a number of additional business benefits. Based on the input from our panelists and participants, we identified 2 three examples of models that corporations can utilize to structure their social impact efforts. Beyond those models, a number of best practices were also explored as part of the discussion around how companies can truly supercharge their corporate impact.
context:
A changing environment and rising expectations
Today, increasing transparency and societal awareness leads consumers to expect more from the companies that provide the products and services they pay for. In addition to delivering affordable products and services at a satisfying quality, companies are expected to make an active contribution to critical issues society faces. Recent research by Edelman shows that 53% of consumers agree that every brand has a responsibility to get involved in at least one social issue that does not directly impact its business.3 But so far, most companies aren’t meeting those expectations. 56% say that too many brands are using societal issues as a marketing ploy.4 At the same time, we are observing a continuous decline in individual giving in Canada. Donations have decreased from 0.78% of household income in 2006 to 0.53% in 2016.5 This decline further increases the demand for corporations to step up their engagement.
The Giving Report: https://www.canadahelps.org/en/the-giving-report/meet-the-sector/; Canadian 2018 GDP by Industry: https:// www.investorsfriend.com/canadian-gdp-canadian-imports-and-exports 2 Corporate Giving | Sector Source: http://sectorsource.ca/managing-organization/fundraising/corporate-giving#.XZ4S9B_pQBA. google 3 Edelman Trust Barometer: https://www.edelman.com/research/trust-barometer-special-report-in-brands-we-trust 4 Ibid 5 The Giving Behaviour of Canadians: Who gives, how, and why?: https://www.cagp-acpdp.org/sites/default/files/media/rideau_hall_ foundation_30years_report_eng_fnl.pdf 1
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